Reinsurance intermediary Benfield Group has launched an initial public offering (IPO) in a bid to raise £100m.
Benfield Group claimed the global offer, which is being undertaken to improve liquidity and slash debt, forms part of plans to float the company on the London Stock Exchange.
Benfield chief executive Grahame Chilton said: "This flotation is the next exciting stage in the development of Benfield. The Company has grown significantly over the past few years into one of the world's largest reinsurance intermediaries.
"Benfield is now poised to take full advantage of its global platform and we aim to deliver sustainable revenue growth and margin expansion."
In addition to the issue of £100m of new common shares, Benfield's global offer features a secondary offer of up to £45m of existing common shares.
Merrill Lynch International and Morgan Stanley will act as joint book runners for the Global Offer and joint financial advisers to Benfield. Merrill Lynch has been appointed sole sponsor and broker.
Co-leads for the Global Offer are Fox-Pitt, Kelton and Deutsche Bank. Lexicon Partners is acting as joint financial adviser to Benfield.
